Updated over 5 years ago on . Most recent reply
Struggling with Price and Timeline, When do I Invest?
It's the age old dilemma. The nicer (and higher demand) areas are more expensive but command higher rents. The lower end areas are cheaper but demand more repairs/updates and are harder to rent out. I'm in Dallas and I work in downtown Dallas, I'm currently renting but my ideal situation would be to find a househack so I can save up for more rental properties. My work location exacerbates my problem as I'm tethered to downtown and I'm trying to avoid a massive commute. However, if you are familiar with Dallas you'll know that the market is competitive and I find myself priced out of many areas.
My question is: do I buy a cheaper place in a potentially less desirable area or do I continue saving so I can afford a property in a more expensive area with higher demand? Most (not all) of the properties in the 130k-160k range are either thrashed, cheaply built, or in a dicey area I wouldn't feel comfortable living in. Should I wait longer and save more to try to get a property in a better area ("location, location, location")?
I'm checking my MLS searches almost every day and I have a good realtor, but I'm beginning to wonder if I'll need to expand my price range. Any advice helps! I'm trying to be realistic with my expectations.